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i'm not for tax hikes. if you buy into the president's story and over half of the country did, i think his actions are not very courageous in my opinion my opinion. i urge him and all of those big business leaders that back the president to call him right now. call treasury secretary geithner right now and say, make our dividend tax cuts retroactive because we just sinned but we really feel sorry for it. back to you. >> it is possible that senegal has views on taxes that conform with this move. maybe his views leading him to democrat support have to do with education or the supreme court or gun control or foreign policy. not everybody is a single issue voter. >> no. not everybody is and, you know, give him the benefit of the doubt. let's give him the benefit of the doubt. take a step back. the issue is whether it's warren buffet worth 50 million pointing down at us and saying, hum. maybe the threshold should be 500,000 instead of 250,000. i don't know about you. but when i see the automatic pilot, and thank
i'm not for tax hikes. if you buy into the president's story and over half of the country did, i think his actions are not very courageous in my opinion my opinion. i urge him and all of those big business leaders that back the president to call him right now. call treasury secretary geithner right now and say, make our dividend tax cuts retroactive because we just sinned but we really feel sorry for it. back to you. >> it is possible that senegal has views on taxes that conform with this...
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Nov 30, 2012
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on real after-tax tax basis, it is a much different story. >> yeah. you get a cap tamm gains and -- should you sell the share? capital gains taxes going up? dividend stocks aren't going to be worth as much. how do you -- is it already reflected? >> well, from a capital gains standpoint yes, you should take your gains. from a dividend perspective -- the fed is already screwing savers by having rates at zero. the government will screw savers more by taking more out of your dividends. unfortunately savers are going to have no choice but to own dividend paying stocks. >> joe is not paying attention. buy lottery tickets and open a moe's franchise. that's what we should do. >> someone tweeted i have moe's tortilla chips. >> up next, up next -- thanks, peter. gop criticizing the president's proposals for taxes and spending increases. dems telling the republicans to bring their ideas to the table. can the two sides get together and get a deal done? we ask ed rendell and judd gregg about that and much more "squawk box" is coming right back after a break. for m
on real after-tax tax basis, it is a much different story. >> yeah. you get a cap tamm gains and -- should you sell the share? capital gains taxes going up? dividend stocks aren't going to be worth as much. how do you -- is it already reflected? >> well, from a capital gains standpoint yes, you should take your gains. from a dividend perspective -- the fed is already screwing savers by having rates at zero. the government will screw savers more by taking more out of your dividends....
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Nov 29, 2012
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we pay taxes overseas. we pay taxes here. we pay other forms of tax as well. i think that story hasn't been told. the fiscal terms that are in place here for our industry, for example, if punitive taxes were imposed on our industry, would impact our investment. i hope that's not where we're headed. i think there is a case to be made that we pay our fair share of taxes, and i work hard to try to communicate that. >> talk to us about an energy policy. what would you like to see in the election is behind us. what should a proper energy policy look like to do everything you're saying, create jobs and, in fact, take advantage of this opportunity that america has. >> i think the energy policy sometimes is made more difficult than it needs to be. to me, there are three things th that you need focus on. do you want affordable energy, do you want secure energy, and the environmental characteristics you want. we talk about those one at a time. we need to talk about those together. >> let me ask you a few questions about from the investment community. i guess the biggest
we pay taxes overseas. we pay taxes here. we pay other forms of tax as well. i think that story hasn't been told. the fiscal terms that are in place here for our industry, for example, if punitive taxes were imposed on our industry, would impact our investment. i hope that's not where we're headed. i think there is a case to be made that we pay our fair share of taxes, and i work hard to try to communicate that. >> talk to us about an energy policy. what would you like to see in the...
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Dec 5, 2012
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i think the market has digested a bit that tax rates will go up. it's just a matter of how much spending are we going to cut to make this a market between the democrats and republicans. >> does monetary policy hurt or help the banks? keeping rates as low as they are, it's tough to make a buck the traditional way of lending and spending, right? >> i'm going to be a two-armed economist because i can't said on the other hand. there's two things that are very important. first of all, credit in commercial real estate is phenomenal. cap rates are really low. so the fact that rates are as low as they are has allowed commercial real estate not to fall into the abyss. if commercial real estate had to refi at high rates, we would have had another problem. the other problem is the fact margins are getting squeezed at these banks. credit quality is better. >> that's where the money comes from. >> yeah, fees. by the way, you can eat these loan loss reserves. citi still has close to $10 billion in reserves. they've not used them. >> that's interesting. >> these
i think the market has digested a bit that tax rates will go up. it's just a matter of how much spending are we going to cut to make this a market between the democrats and republicans. >> does monetary policy hurt or help the banks? keeping rates as low as they are, it's tough to make a buck the traditional way of lending and spending, right? >> i'm going to be a two-armed economist because i can't said on the other hand. there's two things that are very important. first of all,...
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. >> we shall not raise taxes in this country. we do not have a revenue problem. i would like senator mcconnell to recognize that the washington leaders are like a bunch of crack addicts. they need evermore money for evermore growing government and it is at the expense of the ordinary citizen that they pursue these policies. >> reporter: but the brighter those lines are drawn, the harder it will be to get a deal. owen williams worked more than 20 years on wall street. now he runs a small college here that sits on the board of the henry clay center for statesmanship. the way to a solution, he says, is for both sides to have a voice. >> both have taken the attitude that it's my way or the highway. and americans recognize that that's just not the way things typically get done in this country. and if we continue along that line, we will go over the fiscal cliff and who knows what the abyss beyond it will be like. >> reporter: the united states senate's always valued its reputation as the world's greatest deliberative body set apart fr
. >> we shall not raise taxes in this country. we do not have a revenue problem. i would like senator mcconnell to recognize that the washington leaders are like a bunch of crack addicts. they need evermore money for evermore growing government and it is at the expense of the ordinary citizen that they pursue these policies. >> reporter: but the brighter those lines are drawn, the harder it will be to get a deal. owen williams worked more than 20 years on wall street. now he runs a...
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Nov 30, 2012
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we can produce a similar amount of revenue reforming the tax code to close loop holes and lower tax rates. that is far better for the economy than the american people actually favor that approach by two to one. they favor even more when we can also show them that real spending cuts will in fact reduce the deficit. now, there have been many conversations of years that cou inform a solution. i hope the president will draw from those discussions and work with both parties to find common ground. solving the fiscal cliff in a manner that addresses the true drivers of our debt and saves american jobs will be a great way for the president to start his second term. for the good of our country and my colleagues, we're ready to work with the president to achieve those goals. >> on the issue of tax rates, are you willing to accept no deal that includes some increase in those top tax rates? i'm also wondering, what the final deadline is? when do you really have to have a deal or framework? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the am
we can produce a similar amount of revenue reforming the tax code to close loop holes and lower tax rates. that is far better for the economy than the american people actually favor that approach by two to one. they favor even more when we can also show them that real spending cuts will in fact reduce the deficit. now, there have been many conversations of years that cou inform a solution. i hope the president will draw from those discussions and work with both parties to find common ground....
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Dec 4, 2012
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the amt is an arcane tax, unlike payroll tax withholding, won't be visible to those it has ensnared until the end of the year. it could cause the average taxpayer to pay an additional $3,000 when she least expects it. talk about a nightmare. finally i'm worried about the possibility that the new austerity becomes a permanent austerity. simply because the president believes his election means people voted for higher taxes for the wealthy. and the republicans believe they are off the hook because they took the grover norquist no new tax pledge. in that scenario, rising above, my pin means absolutely nothing. rise above what? the oath you gave to your voters? to these hardened partisans to rise above means rising above compromise. compromise is bad. right? i mean they think compromise is bad. they want to rise above it. they think it's a higher ground than not compromise. what's amazing to me is that when congress came up with this ridiculous cliff idea, there were legislators who believed that if these draconian changes were to become law, it would be so obvious we would be thrown into rece
the amt is an arcane tax, unlike payroll tax withholding, won't be visible to those it has ensnared until the end of the year. it could cause the average taxpayer to pay an additional $3,000 when she least expects it. talk about a nightmare. finally i'm worried about the possibility that the new austerity becomes a permanent austerity. simply because the president believes his election means people voted for higher taxes for the wealthy. and the republicans believe they are off the hook because...
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Nov 30, 2012
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income taxes, that we haven't paid more attention to property, state, local, and sales taxes? >> one big reason is this data doesn't exist. we created a model so that we could simulate the way that this tax burden is distributed. there's go government entity that looks at the burden of taxation. there is no centralized data. so people really miss this point. they don't appreciate the extent to which state and local taxes are interacting with federal taxes and really consuming the savings that people otherwise might be getting. it's just a new way of looking at it. >> and there's something that i guess is being called housers law where the idea being no matter where tax rates are, tax revenues as a percentage of gdp are going to remain constant or relatively constant over time. have you been getting pushed back to your story about that concept conce concept? >> well, it's important to understand that's true. whether or not it's a law is another question. it's absolutely true that they've remained pretty stable. the point here is the distribution has changed. relatively speaking
income taxes, that we haven't paid more attention to property, state, local, and sales taxes? >> one big reason is this data doesn't exist. we created a model so that we could simulate the way that this tax burden is distributed. there's go government entity that looks at the burden of taxation. there is no centralized data. so people really miss this point. they don't appreciate the extent to which state and local taxes are interacting with federal taxes and really consuming the savings...
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Dec 5, 2012
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the wealthy, higher taxes for the wealthy. that of course a major sticking point in the negotiations. that moved the dow up earlier but we don't have anything specific right now. these are all still rumors. apple, just a lot of things going on today. i believe there was an at&t investor conference where one of the executives at at&t gave sales figures for the smartphone sales for the first two months of the quarter saying sales would be flat implying they'd be flat from the same period last year. smartphones, which include overall smartphone sales like samsung and iphone sales. but i think some were a little disappointed to hear that, were hopeful it might be stronger. there are also concerns the ipad share of the tablet market might be slipping. and of course some firms raising margin requirements as well. >>> the leadership group here, our banks, a lot of analysts got what they wanted, citigroup cutting jobs, 11,000 jobs. cutting expenses. what a sad reason for the market and financials to be up today on that kind of headlin
the wealthy, higher taxes for the wealthy. that of course a major sticking point in the negotiations. that moved the dow up earlier but we don't have anything specific right now. these are all still rumors. apple, just a lot of things going on today. i believe there was an at&t investor conference where one of the executives at at&t gave sales figures for the smartphone sales for the first two months of the quarter saying sales would be flat implying they'd be flat from the same period...
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Nov 29, 2012
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tax reform which we definitely need. there's no two ways about it. >> congressman pascrell, thank you again. >>> breaking news from the bond market. you saw the headlines cross moments ago. $30 billion in 7-year notes up for auction. rick santelli, we have a bid to cover ratio of 2.81%. >> that 2.81% is above the 10-auction average. this is around 2.74%. actually, close to the 40% 106-auction average. directs -- 19.7% that is a record high since they brought the 7-year back in february of '09. i can't find a higher direct bid. the yield -- 1.045%, right in the middle of the bid offer we give this auction a b-plus, solid auction. 99 billion is now behind us and considering the issues of fiscal cliff we're going to be looking to handicap a whole lot more auctions over the next several years. back to you. >> absolutely. >>> breaking news now. it concerns microsoft. let's go out to jon fortt. jon? >> hey, sue. microsoft has officially announced the pricing for surface pro. that's the version of microsoft's tablet that runs a
tax reform which we definitely need. there's no two ways about it. >> congressman pascrell, thank you again. >>> breaking news from the bond market. you saw the headlines cross moments ago. $30 billion in 7-year notes up for auction. rick santelli, we have a bid to cover ratio of 2.81%. >> that 2.81% is above the 10-auction average. this is around 2.74%. actually, close to the 40% 106-auction average. directs -- 19.7% that is a record high since they brought the 7-year back...
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Nov 29, 2012
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so if we raise everyone's taxes, it'll be a $2 trillion tax increase. well, if we raise it only on the rich which the president wants to do and the democrats, that's 40% of the nation's income. so it'll be a $900 billion tax increase. it isn't about who the tax increase is on. that's simply envy and class warfare. it's about how much money you're going to take out of the private sector. $900 billion taken from the private sector is an enormous drain and will hurt economic growth. doesn't matter whether it's rich people, middle class or poor people. it's money taken out of the productive sector, the private sector, and given to the nonproductive sector, the government. >> finally, we started the conversation talking about the pledge. when senator graham does, though, indicate his commitment is softening, do you have words with him later on? does he get scolded behind the scenes? >> i don't do any scolding. it's not my job to tell other senators or congressman how to vote or what to think. i try to communicate what i think is the message of our party. the
so if we raise everyone's taxes, it'll be a $2 trillion tax increase. well, if we raise it only on the rich which the president wants to do and the democrats, that's 40% of the nation's income. so it'll be a $900 billion tax increase. it isn't about who the tax increase is on. that's simply envy and class warfare. it's about how much money you're going to take out of the private sector. $900 billion taken from the private sector is an enormous drain and will hurt economic growth. doesn't matter...
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Dec 4, 2012
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from this complicated tax or these high taxes. it works. >> becky, if it was your commission, simpson/bowles -- >> 11 of the 18 members. >> and we got to handle the fiscal cliff but knowing it goes to 28%, wouldn't you be using this opportunity right now to try and bridge a way to get eventually to simpson/bowles? >> the president was behind simpson/bowles from the beginning. >> because of the 28% and the entitlement cuts. if you were on this commission, you would say the fiscal cliff is much more important, let's figure out a way to handle it but with the end in sight of simpson/bowles. we all know we need to get there. instead of this obsession with the top 2% and 39.6, wouldn't you be spending is your leadership capital trying to get to a simpson/bowles. >> that's the most loaded question you could have possibly asked. >> am i wrong? >> no, i agree with that, i agree with simpson/bowles. >> no one's listening at the white house so i can say whatever i want. >> when we've asked republican leaders they've not embraced simpson/bow
from this complicated tax or these high taxes. it works. >> becky, if it was your commission, simpson/bowles -- >> 11 of the 18 members. >> and we got to handle the fiscal cliff but knowing it goes to 28%, wouldn't you be using this opportunity right now to try and bridge a way to get eventually to simpson/bowles? >> the president was behind simpson/bowles from the beginning. >> because of the 28% and the entitlement cuts. if you were on this commission, you would...
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i wonder, are there enough members of the gop who study higher tax pornography with that seduce stuff? maybe this weekend have the impure thoughts thing we ought to call old-time supreme court justice potter stewart. "i will know it when i see it." sometimes i feel bad for the speaker, speaker boehner. he's caught between the elected obama and the ufrn elected norquist crossfire. there's not a lot of room to maneuver in that space. tuesday we've got two big investor meetings. first there's dell world. dell world? i like kirby's fourth world. there's dell world. is the risk taken out of this one now? it's down so low. or does it even matter? deleveraged buyout as goldman hinted in its sell-buy research upgrade this week? second, there's a -- how many times can you tell us that monster drinks aren't any worse and may actually be better than a cup of joe from starbucks? let us count the ways that this analyst meeting slash lovefest, they will tell you that there's no better way to preserve your heart than to drink a taste of monster every morning. now, analysts will be plenty hopped up w
i wonder, are there enough members of the gop who study higher tax pornography with that seduce stuff? maybe this weekend have the impure thoughts thing we ought to call old-time supreme court justice potter stewart. "i will know it when i see it." sometimes i feel bad for the speaker, speaker boehner. he's caught between the elected obama and the ufrn elected norquist crossfire. there's not a lot of room to maneuver in that space. tuesday we've got two big investor meetings. first...
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be a delayed start to 2013 tax season. in programming its systems, the irs considered the congress would patch the amt. without another patch, the amt could hit as many as 33 million people for the 2012 tax year and it will take them some time to reset all of those forms. >>> and squawk is in session thorn with congressman peter roskam, member of the ways and means committee. thanks for joining us. >> good to be here. >> one of your quotes is that house republicans are prepared to get the yes, but not prepared to get to foolish. and 1.6 you would think is foolish. 800 people think maybe that's doable. could it just look like this, i'll cut to the chase, we go up -- we start at 500,000 and above. we go up 2 percentage points to 37 and do a couple things on deductions that are politically possible to do to get to a trillion dollars. if the president were to come down to a trillion, could we go up -- would republicans go up to a trillion in that. >> i'll give you a straight hans, but inhan answer, but in a minute. let me get
be a delayed start to 2013 tax season. in programming its systems, the irs considered the congress would patch the amt. without another patch, the amt could hit as many as 33 million people for the 2012 tax year and it will take them some time to reset all of those forms. >>> and squawk is in session thorn with congressman peter roskam, member of the ways and means committee. thanks for joining us. >> good to be here. >> one of your quotes is that house republicans are...
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and tax increases. >> yeah. speaking of which, bob, at least over the weekend, it looks like the white house has moved their piece, and they are not going to move again until the republicans table something. how do you see these things going down? we've got three weeks to play with here before everybody really does leave for the holidays. are you optimistic? >> i'm optimistic by nature. and i have a feeling that when the economic future of the country is at stake or at least the near-term economic future of the country, people are going to rise above and do the right thing. and i think the republicans, frankly, are going to have to accept some tax increases. the wealthy are going to have to accept some tax increases, even if only temporary. but on the other side, there's got to be massive spending cuts and entitlement programs, because you can't have the -- a minor revenue increase without a decrease in spending. and then again, my favorite solution would be a temporary national sales tax, and a federal fuel tax
and tax increases. >> yeah. speaking of which, bob, at least over the weekend, it looks like the white house has moved their piece, and they are not going to move again until the republicans table something. how do you see these things going down? we've got three weeks to play with here before everybody really does leave for the holidays. are you optimistic? >> i'm optimistic by nature. and i have a feeling that when the economic future of the country is at stake or at least the...
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and the restoration party has reportedly vowed to cut corporate income taxes. two of japan's top high tech firms have decided to join forces in a bid to power up overseas rivals. more live from tokyo. in respect. >>> there will be a joint venture by january 2014. the integration will cover gas turbines and power systems mainly for thermal power plants as well as business but it will not include nuclear power operations. am sales of the new company is estimated to total around $13 billion, a close third in the global thermal power market. infrastructure demand continues to grow worldwide. shares surged following the nikkei report just before the bell. and that's all from me. back to you, kelly. >> thanks very much. samsung may have found a way to get a leg up defense japanese rivals on on the digital camera front. cheri has the details from seoul. >> yeah, samsung today took the wraps off its new android powered digital camera. the camera that has a smart phone like tendencies allows users to upload their photos to their favorite social networking site wirelessl
and the restoration party has reportedly vowed to cut corporate income taxes. two of japan's top high tech firms have decided to join forces in a bid to power up overseas rivals. more live from tokyo. in respect. >>> there will be a joint venture by january 2014. the integration will cover gas turbines and power systems mainly for thermal power plants as well as business but it will not include nuclear power operations. am sales of the new company is estimated to total around $13...
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you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are going to insist on some cuts anyway, so bottom line is we are going to see a weaker economy into the beginning of next year. probably one way or the other. now, the counter to that, peter, is that there are forces in the economy that are strengthening it. this energy boom that we've got, the natural gas, the amount of fracturing that we're doing, the fact that housing has been doing tremendously well, and interest rates remain very low with prices, so there's some sense that there's a bit of a renaissance on the horizon, and if the government doesn't mess that up too m
you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are...
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tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the democrats. i get the politics of this but democrats need to own up. they can't have their cake and eat it, too. in the end, we are all going to pay more or we are going to get less. if we're serious about the fiscal house in order. if demonstrates are serious about republicans to break with ideology and their party base, to vote for higher tax rates, democrats have to be willing to do the same and break with their base. both sides can go back to the politics after they get in right. quit scrapping. get the work don
tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the...
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through the way that they would like to see taxes go up, even though they don't want to see taxes go up, through closing loopholes and eliminating deductions. john boehner acknowledges that revenue is going to be part of this deal, but they are standing firm on, they will not agree to at this point to raising tax rates on anyone. so either way, the major issue remains. the major issue, the major hurdle remains the tax rate issue. >> right, right. and meantime it's ticktock, right? and the house is out as of yesterday. members are headed to their home states for a nice long weekend with no deal in sight. the majority leader, eric cantor, says he's going to force congress to keep coming back and stay in session until a deal is done. seriously? >> he is serious. but, i mean, it was a pretty short workweek for the members of the house, that's for sure, as they left, not only left yesterday, they left at noon yesterday, after votes. the fact of the matter is that this has happened before. that they will be out on recess, they will be back in their home districts and the leadership will ca
through the way that they would like to see taxes go up, even though they don't want to see taxes go up, through closing loopholes and eliminating deductions. john boehner acknowledges that revenue is going to be part of this deal, but they are standing firm on, they will not agree to at this point to raising tax rates on anyone. so either way, the major issue remains. the major issue, the major hurdle remains the tax rate issue. >> right, right. and meantime it's ticktock, right? and the...
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that's when severe tax hikes and cuts in spending begin. according to the "new york times," john boehner has asked democratic leaders to step aside so he and the president can attempt to negotiate a deal one-on-one and no one is objecting. paul steinhauser is live from washington. paul, you got some new polling for us. what do americans want to see in a deal? >> it's interesting what they want to see and what they don't want to see. one of the biggest sticking points between democrats and republicans over averting the fiscal cliff is raising taxes on those making over $250,000 a year. look at this from quinnipiac university, the question was asked are you okay with that? 65% say they support such a move to avert the fiscal cliff. this is the third poll over the last two weeks to show the same thing, that most americans are okay with raising those taxes on incomes over $250,000 a year. go to the next screen, there's a partisan divide here. this explains why most republicans are dead set against this. democrats are fine with that move. indepe
that's when severe tax hikes and cuts in spending begin. according to the "new york times," john boehner has asked democratic leaders to step aside so he and the president can attempt to negotiate a deal one-on-one and no one is objecting. paul steinhauser is live from washington. paul, you got some new polling for us. what do americans want to see in a deal? >> it's interesting what they want to see and what they don't want to see. one of the biggest sticking points between...
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democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional research service. who is it really helping in the most recent irs tax data show 41 million people claim this deduction on their 2010 taxes, but the tax policy center points out it tends to benefit upper middle class families the most. for those with annual incomes of less than $40,000 a year, the average tax savings is just 91 bucks. for the people earning $250,000 a year, the annual tax savings runs about $5,500, and critics say it's not really helping to boost homeownership. going to talk to one of them in a moment. the homeownership rate in the u.s. is now about 65%. it was up near 70% duri
democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional...
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we don't like to tax two or three times, which dividends or other taxes might be taxed. so too small. and there is a principle involved. >> steven ratner, is there a principle, or just bloody mindedness by republicans, led by grover norquist, we shall not pay anymore taxes ever? >> at some point, there are too many taxes, but we're a long away from that. let's just look at earned taxes, lower than they were under president clinton put in place ten years ago. and all president obama is saying let's go from 35% to the top earners, to 39.6%, same as it was under president clinton, the economy did well. it is more than just a drop in the bucket. just raising rates on people making over 250,000, would be a trillion deficit -- >> a trillion dollars, henry, is nothing to be sniffed at. some urged the party to extend the bush-era tax cuts, for the households that earn less than $250,000, to insure the taxes don't go up. who cares anyway? >> sure, there is a point in there. i might dispute the numbers. i would argue as the members of my party, i would argue that we have a spendin
we don't like to tax two or three times, which dividends or other taxes might be taxed. so too small. and there is a principle involved. >> steven ratner, is there a principle, or just bloody mindedness by republicans, led by grover norquist, we shall not pay anymore taxes ever? >> at some point, there are too many taxes, but we're a long away from that. let's just look at earned taxes, lower than they were under president clinton put in place ten years ago. and all president obama...
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that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >> reporter: they are going to go home. they are not going to be in session on thursday or friday. i asked the speaker whether that is got optics for the house to leave town while the fiscal cliff is so close in front of us and that is the answer, that he will be in town, ready, willing, and able to talk to the president at any time. so that was really the issue. the house republican leadership, i tell you, they say they simply don't have any legislation to put on the floor. that's why they are play sending their members home. they are hoping to get the mess
that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >>...
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i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just go ahead and take it off the table, you know, let's take that leverage away from the president there, but the reality is as a republican who my very core principles are lower taxes, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financia
i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just...
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setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then we're -- there's going to be some price tag associated with it. >> last question. >> are you standing by your dollar for dollar -- the increase in the debt limit for cuts? >> are i continue to believe that any increase in the debt limit has to be
setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> well, move over cheetos, the new snack for the vending machine, ckavycavier, and you probably guessed it will take a little more than 75 cents to get this treat. prices range from $12, okay, possibly reasonable, to $500, a little less so. >>> well, bankruptcy judge has officially given hostess the go ahead to pay out bonuses to its senior executive. the company is liquidating almost 20,000 people losing their jobs. the executives are getting bonuses. how does that -- i'm not good at math, but how does that work? >> it doesn't quite seem fair, does it? but that's exactly what one new york court has sort of ruled on and the bonuses range from about $7,500 to $130,000 and it's only
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> well, move over cheetos, the new snack for the vending machine, ckavycavier,...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. [ "the odd couple" theme playing ] humans. even when we cross our "t"s and dot our "i"s, we still run into problems -- mainly other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forgiveness if you qualify, where your rates won't go up due to your first accident, and new car replacement, where if you total your new car, we give you the money for a new one. call... to talk to an insurance expert about everything else that comes standard with our base auto policy. [ tires squeal ] and if you get into an accident and use one of our certified repair shops, your repairs are guaranteed for life. call... to switch, and you could save hund
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. [ "the odd couple" theme playing ] humans. even when we cross our "t"s...
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we are talking about reforming the tax code, raisinging tax rates. that's the only thing i say that i absolutely will not do. 258 members of congress, republicans all, have taken the pledge. only six are waffling. we're standing strong on that point. >> do you think that's a pledge with grover norquist, with your constituents? there are others saying they have room around the pledge. >> well, that's a great question you just asked me. is that a pledge to my constituents. absolutely. in 2002 -- and i was running in a tough primary and those folks back in marietta, georgia, said, phil, are you going to take the grover norquist, americans for tax reform pledge. i said, yes, i will take it. many would have voted for my opponent. that plenl, i honor that. it's a pledge to my constituents. absolutely. >> all right. you say your constituents don't want you to raise taxes on the rich. let me show you what an abc/washington post poll shows. 60% would support raising taxes on incomes over $250,000 per year. you wouldn't do that? >> i understand that their perc
we are talking about reforming the tax code, raisinging tax rates. that's the only thing i say that i absolutely will not do. 258 members of congress, republicans all, have taken the pledge. only six are waffling. we're standing strong on that point. >> do you think that's a pledge with grover norquist, with your constituents? there are others saying they have room around the pledge. >> well, that's a great question you just asked me. is that a pledge to my constituents. absolutely....
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what do these tax increases mean for families? there's been some confusion about which parts will be taxed at a higher level and certainly not all of it, right? can you clear that up? >> for example, suppose you made $69,000 a year. well, $59,000 would actually be taxed at 15%. so normal. but it's that extra 10,000 that would be taxed at 28%. so part of your income would be taxed at a higher rate. but let's not forget, even though it may just be part of your income, that's income that you don't have then to spend on other things. and so when we're talking about an any that's in a pretty fragile state as this one is right now, if people don't have as much money to spend, that's going to be hurtful. that's going to be hurtful to retail sales, to restaurants, to movie theaters, to everything that keeps this economy going. >> one thing that has also been discussed is taking away the mortgage interest deduction. certainly that's a big bonus of homeownership for a whole lot of folks. do you think it's a risky move considering how fragil
what do these tax increases mean for families? there's been some confusion about which parts will be taxed at a higher level and certainly not all of it, right? can you clear that up? >> for example, suppose you made $69,000 a year. well, $59,000 would actually be taxed at 15%. so normal. but it's that extra 10,000 that would be taxed at 28%. so part of your income would be taxed at a higher rate. but let's not forget, even though it may just be part of your income, that's income that you...
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in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i saw jason johnson shaking his head no. >> this is not true. they haven't specified what any of these taxes are. they're trying to sell people a bridge and you don't even know where the bridge is going. that's one of the reasons the white house rejected the plan but here is the other reason why the republicans are eventually just going to go along and raise taxes and deal. the most important number in this whole debate is 56. 56% of the public according to a recent poll will blame the republican party in congress if this deal does not get done. they do not need another public relations hit after being sh
in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i...
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cuts, bush tax cuts, forethose up to $250,000, probably immediate to extend the payroll tax cut. these are major forms of stimulus that middle income households and receive the dollars don't save it. they spend it. i think it also provides a little wind to the sail of the administration that we need to extend the unemployment insurance benefits that have -- we have been providing to families. which are another important stimulus for families here in the u.s. >> you answer made question about the work force because about a half million people left the work for according to bls and talked about why you believe that factored into it. what do you think is missing from the report, though? >> what's missing, i think of -- you know, we focus so much on the employment front and if you look at wage, i believe wages continue to stagnate. over the month. and also even over the year when you factor in inflation. so, you know, not -- families are -- you know, continuing in this really tepid, very slow, weak recovery. they are getting hit on all fronts. you know. slow job creation. people leav
cuts, bush tax cuts, forethose up to $250,000, probably immediate to extend the payroll tax cut. these are major forms of stimulus that middle income households and receive the dollars don't save it. they spend it. i think it also provides a little wind to the sail of the administration that we need to extend the unemployment insurance benefits that have -- we have been providing to families. which are another important stimulus for families here in the u.s. >> you answer made question...
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of course, the white house, the president wants to raise it on tax ritz. the republicans say no way. >> is there any concern among republicans because we know they're not all kind of lining in lock step on what to do here. this doesn't look good, the optics of it all, them leaving and going home. a lot of people look at this that and go really, you're not going to try, stick around, get more work done here? are they worried it can backfire? >> i actually asked the speaker that very question. he said, look, i'm here. i'm going to be here. i'm going to be waiting for the president to respond. certainly there is some concern, but as one republican told our deirdre washington a short while ago, look, it is what it is. it is the reality. the reality is there is a lot of waiting going on. on both sides, but particularly right now when it comes to republicans. one of the sort of subplots we've been talking about here, suzanne, you and i talk abouted it about it yesterday is the conservative backlash missed the republican party against the speaker for this counter
of course, the white house, the president wants to raise it on tax ritz. the republicans say no way. >> is there any concern among republicans because we know they're not all kind of lining in lock step on what to do here. this doesn't look good, the optics of it all, them leaving and going home. a lot of people look at this that and go really, you're not going to try, stick around, get more work done here? are they worried it can backfire? >> i actually asked the speaker that very...
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no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care. there's more we need to do. >> we need to engage and the white house is acknowledging this. do you not go along with the president? >> yes, sometimes i disagree with the president. >> yes, that is true. >> but if we are talking about making medicare more efficient, lowering the cost of prescription drugs to medicare, that's a reform along with their other reforms. >> how about this reform, raising the eligibility for medicare from 65 to 67 over several years? >> no. >> why not? >> why not? because there are working people out there w
no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care....
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but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those income tax rates for the wealthy. $400 billion to medicare and other entitlements, that's $ 00 billion less than in the speaker's counteroffer and this would force congress to give up its debt limit vote which is a nonstarter for house republicans. the white house saying that boehner counteroffer is nothing new, that it lacks specifics. but i will tell you, zoraida, that one house democratic aid telling cnn that it passed the laugh test. so certainly i guess it could have been worse in some estimations by democrats. >> i suspect some people were laughing. brianna keilar live at the white house for us, thank you. in the next
but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those income tax rates for the wealthy. $400 billion to medicare and other...
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we're going to tax this. and then they want at midnight to renegotiate everything, make every decision all at once. once in awhile having a crisis. but it looks like it's become regularly built-into the system and that's just no way to do this. we've got to fix that. >> ken rogoff, professor economics and policy at harvard. dark, cambridge, forgive me. >> great to see you this morning. >>> should the united states provide arms to syrian rebels trying to oust the assad regime? secretary of state hillary clinton says there's no decision yet but the question is evaluated every day, depending on the changing situation in syria. meanwhile, reports that the internet in syria has been cut off. it could be the latest move by the embattled regime against rebel forces which have successfully used the internet to keep the outside world informed of the uprising. >> settlement reportedly has been reached between dominique strauss-kahn and the new york city hotel maid who sued him alleging sexual assault. details of the ag
we're going to tax this. and then they want at midnight to renegotiate everything, make every decision all at once. once in awhile having a crisis. but it looks like it's become regularly built-into the system and that's just no way to do this. we've got to fix that. >> ken rogoff, professor economics and policy at harvard. dark, cambridge, forgive me. >> great to see you this morning. >>> should the united states provide arms to syrian rebels trying to oust the assad...
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fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? proposals on both sides. if they want to go beyond that, they should tell us what they like to do. if they want to do it differently -- >> whose turn is this? where are we in this? >> the ball really is with them now. again, they're in a hard place. they're having a tough time trying to figure out what they can do. that's understandable. this is very difficult for them. we might need more time to figure out where -- where they go next. >> we don't have a lot of time. >> you can't wait very long. what we are trying to do is be as clear as we can with what is essential to us and what we like to have and what we think is good for the american economy
fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? proposals on both sides. if they want to go beyond that, they should tell us what they like to do. if they...
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his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends. and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment insurance benefits estimated around $30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't cut spending. in return for all of that, the president offered $400 billion in cuts to medicare and other entitlement programs. today john boehner basically said, go fish. >> was not a serious proposal. and so, right now, we're almost nowhere. >> just when we needed someone to not say hey, mom, he was nasty so i can be, too. boehner, like geithner, leapt to the extreme. republicans, the best response to a nonstarter could be to put a real thoughtful compromise deal on the table. an alternative. and as for mr. geithner, he wasn't alone
his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends. and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment insurance benefits estimated around $30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't...
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let's start with the no new tax pledge. a number of top republicans have come out saying they'll turn their back on the pledge if it gets a deal done on the fiscal cliff. >> i think a lot of people made the pledge 20 years ago, 50 years ago and i think they realize we're in a very critical time for our country and this issue has to be dealt with. revenues needs to be a part of the component and entitlement reform, true entitlement reform has to be there also in order for us to put this in the rear view mirror. >> that's a big change. so what would the former republican party flag bearer say. >> change can't be measured in speeches. it's measured in results. >> that was mitt romney attacking president obama, but it works for his own party, too. now, let's move on to immigration. romney's deportation stands didn't sit well with a growing number of hispanic voters and now two retiring reporters are pushing their own version of the dream act. it gives children the path to citizenship. >> we're introducing this legislation, whic
let's start with the no new tax pledge. a number of top republicans have come out saying they'll turn their back on the pledge if it gets a deal done on the fiscal cliff. >> i think a lot of people made the pledge 20 years ago, 50 years ago and i think they realize we're in a very critical time for our country and this issue has to be dealt with. revenues needs to be a part of the component and entitlement reform, true entitlement reform has to be there also in order for us to put this in...
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. >> with 32 days to go, will you be paying higher taxes? my political all-stars weigh in on battleground america. >>> and against all odds, after sandusky, penn state's incredible comeback. my exclusive interview with the coach of the year. >>> and a reunion with a dear old friend whose bark is as bad as her bite. sharon osbourne. her incredible year of highs and lows and how she's rebuilding her life after facing a terrible health prognosis. >> i couldn't see myself going through chemoagain. >> this is "piers morgan tonight." >>> good evening. who ever thinks the american dream is dead or dying should meet mark and cindy hill, a missouri couple who live a very ordinary life. at least that's what they were doing until wednesday and a little thing called power ball came along. sure, the odds were 1 in 175 million, but like everybody else in america, pretty much everyone else, they bought a ticket. wouldn't you know it, they won. sharing the jackpot with another lucky winner. today, the hills are holding a check in their hands for a cool $293
. >> with 32 days to go, will you be paying higher taxes? my political all-stars weigh in on battleground america. >>> and against all odds, after sandusky, penn state's incredible comeback. my exclusive interview with the coach of the year. >>> and a reunion with a dear old friend whose bark is as bad as her bite. sharon osbourne. her incredible year of highs and lows and how she's rebuilding her life after facing a terrible health prognosis. >> i couldn't see...
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the revenue proposals are $1.6 trillion in revenue and tax increases. it's a massive tax increase. but also not significant and meaningful in entitlement reforms. >> so, anna, i hear comments like those and remarks by john boehner and the president of the united states and i wonder after the election, did we learn anything? because i -- my reading on the election was that the people, the voters wanted compromise. and for the people in washington to talk to each other not at each other. that still appears to be what they're doing, no? >> i think right after the election that was the message that even president obama and john boehner and the entire leadership, we saw that incredible image of the minority and majority leaders on both houses come out saying things that sounded like they were going to cooperate. but, you know, only in washington can that mean nothing quickly. but i do think, look, let's put this in perspective. we have a game of chicken going on here with a lot of posturing. there's 30 days to get this done, which for washington time it's like dog years. it's an eternit
the revenue proposals are $1.6 trillion in revenue and tax increases. it's a massive tax increase. but also not significant and meaningful in entitlement reforms. >> so, anna, i hear comments like those and remarks by john boehner and the president of the united states and i wonder after the election, did we learn anything? because i -- my reading on the election was that the people, the voters wanted compromise. and for the people in washington to talk to each other not at each other....
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, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financial problems we have. >> i hope y'all can come to some consensus because you're costing me money as i sit here and everybody else watching us. i think a lot of people are pretty frustrated with the people we're electing to do something big and bold. come on. negotiate. >> well, yeah, i nt, but when the president goes from, you know, hey, i want to increase taxes on those over $250,000 and geithner comes and puts on $1.6 trillion of taxes, we're going in the wrong direction. >> come back with another proposal and then come back on the show and i'll interview you about your proposal but i'm out of time. congressman terry, thanks for being with us. appreciate it. >>> joi
, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financial problems we have. >> i hope y'all can come to some consensus...